As home prices continue to weaken, more and more homeowners are facing the real possibility that their homes will wind up "underwater" before the market starts to rebound. Of all the areas in the country that are facing tough times, the worst of times are being felt in the California city of Mountain House.So what exactly does it mean to have your house underwater? Simply put, a mortgage goes underwater when the balance a homeowner owes on his house is more than the house is worth.
Just how bad has the situation gotten in Mountain House? The figures are staggering. According to figures released yesterday, roughly 90% of all homeowners in Mountain House are now facing mortgages that are underwater. Nine out of every 10 homeowners woke up this morning facing the fact that their home values have been in free fall and there is little that they can do to correct the current situation.
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